NPORT-EX 2 QTLY_2118_20200229.htm

Quarterly Holdings Report
for

Strategic Advisers® Value Fund

Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general public

February 29, 2020







SUF-QTLY-0420
1.912902.109





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.0%   
 Shares Value 
COMMUNICATION SERVICES - 6.3%   
Diversified Telecommunication Services - 4.1%   
AT&T, Inc. 4,351,400 $153,256,308 
Verizon Communications, Inc. 3,451,175 186,915,638 
  340,171,946 
Entertainment - 0.2%   
Electronic Arts, Inc. (a) 120,400 12,204,948 
Interactive Media & Services - 0.2%   
Alphabet, Inc. Class A (a) 8,670 11,611,298 
Twitter, Inc. (a) 247,000 8,200,400 
  19,811,698 
Media - 1.8%   
Altice U.S.A., Inc. Class A (a) 121,813 3,150,084 
Charter Communications, Inc. Class A (a) 17,577 8,668,449 
Comcast Corp. Class A 2,108,592 85,250,375 
Discovery Communications, Inc. Class C (non-vtg.) (a) 147,969 3,714,022 
DISH Network Corp. Class A (a) 210,048 7,040,809 
Entercom Communications Corp. Class A 625,195 2,169,427 
Fox Corp. Class A 103,934 3,194,931 
Interpublic Group of Companies, Inc. 133,770 2,857,327 
New Media Investment Group, Inc. 11,375 47,775 
Nexstar Broadcasting Group, Inc. Class A 62,558 7,192,919 
Omnicom Group, Inc. 89,719 6,215,732 
Tegna, Inc. 471,200 6,747,584 
ViacomCBS, Inc. Class B 362,131 8,912,044 
  145,161,478 
TOTAL COMMUNICATION SERVICES  517,350,070 
CONSUMER DISCRETIONARY - 6.5%   
Auto Components - 0.6%   
Aptiv PLC 105,229 8,219,437 
BorgWarner, Inc. 391,316 12,365,586 
Cooper Tire & Rubber Co. 265,127 6,758,087 
Gentex Corp. 98,267 2,623,729 
Lear Corp. 132,700 14,756,240 
The Goodyear Tire & Rubber Co. 685,300 6,637,131 
  51,360,210 
Automobiles - 0.8%   
Ford Motor Co. 2,037,000 14,177,520 
General Motors Co. 1,186,424 36,185,932 
Harley-Davidson, Inc. 465,362 14,179,580 
Thor Industries, Inc. 19,200 1,447,872 
  65,990,904 
Distributors - 0.1%   
Genuine Parts Co. 59,853 5,221,576 
LKQ Corp. (a) 126,300 3,735,954 
  8,957,530 
Diversified Consumer Services - 0.0%   
H&R Block, Inc. 72,109 1,490,493 
Hotels, Restaurants & Leisure - 0.5%   
Brinker International, Inc. 358,740 12,322,719 
Hilton Worldwide Holdings, Inc. 38,239 3,716,831 
Hyatt Hotels Corp. Class A 12,679 971,211 
Las Vegas Sands Corp. 102,350 5,968,029 
Royal Caribbean Cruises Ltd. 94,500 7,598,745 
Wyndham Destinations, Inc. 287,649 11,477,195 
Wyndham Hotels & Resorts, Inc. 11,908 606,713 
Wynn Resorts Ltd. 19,776 2,135,412 
  44,796,855 
Household Durables - 1.4%   
D.R. Horton, Inc. 151,979 8,095,921 
Lennar Corp.:   
Class A 390,653 23,572,002 
Class B 6,200 296,422 
Mohawk Industries, Inc. (a) 75,377 9,131,924 
Newell Brands, Inc. 345,560 5,331,991 
PulteGroup, Inc. 614,007 24,683,081 
Sony Corp. sponsored ADR 179,000 11,133,800 
Toll Brothers, Inc. 172,647 6,393,118 
Whirlpool Corp. 224,863 28,750,983 
  117,389,242 
Internet & Direct Marketing Retail - 0.4%   
eBay, Inc. 624,500 21,632,680 
The Booking Holdings, Inc. (a) 4,089 6,933,554 
  28,566,234 
Leisure Products - 0.0%   
Polaris, Inc. 25,200 2,079,756 
Multiline Retail - 1.0%   
Big Lots, Inc. (b) 160,800 2,542,248 
Dillard's, Inc. Class A (b) 109,300 6,152,497 
Kohl's Corp. 449,409 17,594,362 
Macy's, Inc. 348,100 4,605,363 
Nordstrom, Inc. (b) 198,478 6,887,187 
Target Corp. 394,120 40,594,360 
  78,376,017 
Specialty Retail - 1.6%   
American Eagle Outfitters, Inc. 464,400 5,981,472 
AutoZone, Inc. (a) 33,040 34,114,130 
Best Buy Co., Inc. 444,609 33,634,671 
CarMax, Inc. (a) 67,311 5,876,923 
Dick's Sporting Goods, Inc. 233,200 8,490,812 
Foot Locker, Inc. 71,661 2,597,711 
Murphy U.S.A., Inc. (a) 44,499 4,338,653 
Office Depot, Inc. 579,800 1,362,530 
Penske Automotive Group, Inc. 131,800 6,065,436 
Sleep Number Corp. (a) 90,000 3,964,500 
The Home Depot, Inc. 75,012 16,340,614 
Tiffany & Co., Inc. 35,047 4,681,929 
Williams-Sonoma, Inc. 31,900 1,990,241 
  129,439,622 
Textiles, Apparel & Luxury Goods - 0.1%   
Columbia Sportswear Co. 39,364 3,200,293 
Ralph Lauren Corp. 18,808 1,984,432 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 55,200 1,826,016 
  7,010,741 
TOTAL CONSUMER DISCRETIONARY  535,457,604 
CONSUMER STAPLES - 4.2%   
Beverages - 0.4%   
Keurig Dr. Pepper, Inc. 138,385 3,858,174 
Molson Coors Beverage Co. Class B 311,782 15,467,505 
The Coca-Cola Co. 226,000 12,088,740 
  31,414,419 
Food & Staples Retailing - 1.2%   
Kroger Co. 1,181,473 33,234,835 
U.S. Foods Holding Corp. (a) 32,739 1,101,340 
Walgreens Boots Alliance, Inc. 1,377,422 63,030,831 
  97,367,006 
Food Products - 1.5%   
Archer Daniels Midland Co. 229,500 8,640,675 
Campbell Soup Co. 124,340 5,610,221 
Conagra Brands, Inc. 200,700 5,356,683 
Ingredion, Inc. 201,900 16,818,270 
Kellogg Co. 140,559 8,499,603 
Pilgrim's Pride Corp. (a) 171,200 3,622,592 
Post Holdings, Inc. (a) 68,881 6,974,890 
The J.M. Smucker Co. 281,345 28,975,722 
Tyson Foods, Inc. Class A 557,997 37,848,937 
  122,347,593 
Household Products - 0.4%   
Energizer Holdings, Inc. (b) 135,417 5,821,577 
Procter & Gamble Co. 254,810 28,852,136 
  34,673,713 
Personal Products - 0.1%   
Coty, Inc. Class A 269,171 2,484,448 
Unilever NV (NY Reg.) 160,000 8,441,600 
  10,926,048 
Tobacco - 0.6%   
Philip Morris International, Inc. 641,349 52,507,243 
TOTAL CONSUMER STAPLES  349,236,022 
ENERGY - 4.5%   
Energy Equipment & Services - 0.0%   
Halliburton Co. 210,000 3,561,600 
Oil, Gas & Consumable Fuels - 4.5%   
BP PLC sponsored ADR 268,479 8,400,708 
Cabot Oil & Gas Corp. 824,951 11,491,567 
Chevron Corp. 907,838 84,737,599 
ConocoPhillips Co. 1,215,972 58,877,364 
Diamondback Energy, Inc. 90,723 5,624,826 
EQT Corp. 351,649 2,064,180 
Equitrans Midstream Corp. 305,394 2,156,082 
Gulfport Energy Corp. (a) 1,106,553 906,931 
HollyFrontier Corp. 66,500 2,239,720 
Kinder Morgan, Inc. 1,257,645 24,109,055 
Marathon Petroleum Corp. 678,811 32,189,218 
Noble Energy, Inc. 341,004 5,398,093 
PBF Energy, Inc. Class A 524,037 11,733,188 
Phillips 66 Co. 674,896 50,522,715 
Pioneer Natural Resources Co. 46,000 5,647,880 
The Williams Companies, Inc. 362,992 6,914,998 
Total SA sponsored ADR 217,330 9,375,616 
Valero Energy Corp. 702,194 46,520,353 
  368,910,093 
TOTAL ENERGY  372,471,693 
FINANCIALS - 25.4%   
Banks - 12.6%   
Bank of America Corp. 8,263,191 235,500,944 
BOK Financial Corp. 69,000 4,995,600 
CIT Group, Inc. 251,200 9,975,152 
Citigroup, Inc. 2,333,174 148,063,222 
Citizens Financial Group, Inc. 441,702 13,997,536 
Commerce Bancshares, Inc. 150,161 9,165,827 
Cullen/Frost Bankers, Inc. 83,068 6,511,701 
East West Bancorp, Inc. 136,000 5,268,640 
Fifth Third Bancorp 882,685 21,537,514 
First Republic Bank 43,494 4,374,192 
Huntington Bancshares, Inc. 661,454 8,116,041 
ING Groep NV sponsored ADR (b) 483,721 4,590,512 
JPMorgan Chase & Co. 2,152,803 249,961,956 
KeyCorp 1,163,226 19,018,745 
M&T Bank Corp. 134,881 18,934,595 
Mitsubishi UFJ Financial Group, Inc. sponsored ADR 990,000 4,821,300 
PNC Financial Services Group, Inc. 381,935 48,276,584 
Popular, Inc. 39,855 1,912,243 
Regions Financial Corp. 2,571,460 34,766,139 
Signature Bank 19,765 2,472,602 
SVB Financial Group (a) 21,300 4,433,808 
Truist Financial Corp. 591,182 27,277,137 
U.S. Bancorp 819,320 38,049,221 
Wells Fargo & Co. 2,743,594 112,075,815 
Western Alliance Bancorp. 42,300 1,947,492 
Zions Bancorp NA 70,161 2,802,932 
  1,038,847,450 
Capital Markets - 3.8%   
Ameriprise Financial, Inc. 422,573 59,709,565 
Bank of New York Mellon Corp. 379,625 15,147,038 
BlackRock, Inc. Class A 63,977 29,621,991 
Charles Schwab Corp. 649,848 26,481,306 
Eaton Vance Corp. (non-vtg.) 45,900 1,893,834 
Goldman Sachs Group, Inc. 192,225 38,593,013 
Invesco Ltd. 149,257 2,149,301 
LPL Financial 33,335 2,649,466 
Morgan Stanley 1,447,995 65,203,215 
Northern Trust Corp. 146,585 12,864,300 
Raymond James Financial, Inc. 57,222 4,785,476 
SEI Investments Co. 50,352 2,754,758 
State Street Corp. 434,800 29,614,228 
T. Rowe Price Group, Inc. 187,540 22,131,595 
  313,599,086 
Consumer Finance - 2.1%   
Ally Financial, Inc. 156,403 3,921,023 
American Express Co. 412,075 45,299,405 
Capital One Financial Corp. 778,578 68,717,294 
Credit Acceptance Corp. (a)(b) 7,787 3,139,718 
Discover Financial Services 529,443 34,720,872 
Navient Corp. 530,400 5,956,392 
Nelnet, Inc. Class A 5,100 270,810 
OneMain Holdings, Inc. 55,500 2,039,625 
Synchrony Financial 266,394 7,752,065 
  171,817,204 
Diversified Financial Services - 0.7%   
AXA Equitable Holdings, Inc. 191,800 4,104,520 
Berkshire Hathaway, Inc. Class B (a) 227,262 46,893,241 
Jefferies Financial Group, Inc. 123,918 2,442,424 
Voya Financial, Inc. 61,007 3,211,408 
  56,651,593 
Insurance - 6.0%   
AFLAC, Inc. 558,695 23,940,081 
Alleghany Corp. 11,283 7,584,997 
Allstate Corp. 487,215 51,279,379 
American Financial Group, Inc. 157,708 14,575,373 
American International Group, Inc. 816,788 34,435,782 
Aon PLC 13,042 2,712,736 
Arch Capital Group Ltd. (a) 166,800 6,743,724 
Assurant, Inc. 24,700 2,978,573 
Athene Holding Ltd. (a) 59,277 2,445,176 
Chubb Ltd. 409,917 59,450,263 
Cincinnati Financial Corp. 56,988 5,313,561 
Everest Re Group Ltd. 96,878 24,014,119 
Fairfax Financial Holdings Ltd. 10,422 4,491,465 
FNF Group 113,337 4,392,942 
Globe Life, Inc. 97,482 9,032,682 
Hanover Insurance Group, Inc. 14,200 1,683,268 
Hartford Financial Services Group, Inc. 516,028 25,775,599 
Lincoln National Corp. 607,949 27,594,805 
Loews Corp. 459,998 20,989,709 
Markel Corp. (a) 5,762 6,808,379 
Marsh & McLennan Companies, Inc. 48,523 5,073,565 
MetLife, Inc. 897,616 38,346,156 
Old Republic International Corp. 89,000 1,755,080 
Principal Financial Group, Inc. 114,460 5,080,879 
Progressive Corp. 288,934 21,138,411 
Prudential Financial, Inc. 450,881 34,018,971 
Reinsurance Group of America, Inc. 25,787 3,146,788 
The Travelers Companies, Inc. 346,513 41,515,723 
Unum Group 383,000 8,927,730 
W.R. Berkley Corp. 63,415 4,257,683 
  499,503,599 
Mortgage Real Estate Investment Trusts - 0.1%   
Annaly Capital Management, Inc. 1,012,900 8,974,294 
Thrifts & Mortgage Finance - 0.1%   
New York Community Bancorp, Inc. 192,398 2,079,822 
Radian Group, Inc. 448,300 9,521,892 
  11,601,714 
TOTAL FINANCIALS  2,100,994,940 
HEALTH CARE - 12.8%   
Biotechnology - 2.9%   
AbbVie, Inc. 484,666 41,540,723 
Amgen, Inc. 487,556 97,379,560 
Biogen, Inc. (a) 142,900 44,068,931 
Gilead Sciences, Inc. 824,868 57,212,844 
  240,202,058 
Health Care Equipment & Supplies - 0.7%   
Alcon, Inc. (a) 148,000 9,072,400 
Danaher Corp. 107,000 15,470,060 
Medtronic PLC 293,334 29,529,934 
Zimmer Biomet Holdings, Inc. 51,669 7,034,734 
  61,107,128 
Health Care Providers & Services - 3.5%   
AmerisourceBergen Corp. 204,195 17,217,722 
Anthem, Inc. 153,237 39,395,700 
Cardinal Health, Inc. 351,000 18,294,120 
Cigna Corp. 92,886 16,992,565 
CVS Health Corp. 401,877 23,783,081 
DaVita HealthCare Partners, Inc. (a) 57,300 4,447,626 
HCA Holdings, Inc. 398,382 50,598,498 
Henry Schein, Inc. (a) 60,364 3,678,582 
Humana, Inc. 48,300 15,440,544 
Laboratory Corp. of America Holdings (a) 39,976 7,023,383 
McKesson Corp. 280,287 39,200,940 
Molina Healthcare, Inc. (a) 23,500 2,879,925 
Quest Diagnostics, Inc. 104,514 11,084,755 
UnitedHealth Group, Inc. 62,698 15,985,482 
Universal Health Services, Inc. Class B 176,334 21,819,569 
  287,842,492 
Life Sciences Tools & Services - 0.1%   
Bio-Rad Laboratories, Inc. Class A (a) 9,700 3,414,594 
Pharmaceuticals - 5.6%   
Allergan PLC 49,243 9,389,163 
Bristol-Myers Squibb Co. 692,615 40,905,842 
GlaxoSmithKline PLC sponsored ADR 238,621 9,671,309 
Jazz Pharmaceuticals PLC (a) 103,280 11,833,822 
Johnson & Johnson 1,308,976 176,031,092 
Merck & Co., Inc. 1,640,622 125,606,020 
Novartis AG sponsored ADR 102,000 8,563,920 
Novo Nordisk A/S Series B sponsored ADR 51,421 2,989,103 
Perrigo Co. PLC 56,000 2,838,640 
Pfizer, Inc. 2,277,890 76,127,084 
  463,955,995 
TOTAL HEALTH CARE  1,056,522,267 
INDUSTRIALS - 9.9%   
Aerospace & Defense - 2.5%   
General Dynamics Corp. 191,073 30,512,447 
Huntington Ingalls Industries, Inc. 97,635 20,066,922 
Lockheed Martin Corp. 116,066 42,929,331 
Moog, Inc. Class A 80,600 6,215,872 
Northrop Grumman Corp. 69,452 22,838,596 
Raytheon Co. 170,200 32,092,912 
Spirit AeroSystems Holdings, Inc. Class A 166,500 8,797,860 
Textron, Inc. 496,700 20,166,020 
United Technologies Corp. 181,004 23,637,312 
Vectrus, Inc. (a) 37,733 1,965,512 
  209,222,784 
Air Freight & Logistics - 0.5%   
C.H. Robinson Worldwide, Inc. 94,375 6,502,438 
FedEx Corp. 59,700 8,427,849 
United Parcel Service, Inc. Class B 325,481 29,452,776 
  44,383,063 
Airlines - 1.1%   
Alaska Air Group, Inc. 50,766 2,561,652 
Delta Air Lines, Inc. 953,316 43,976,467 
JetBlue Airways Corp. (a) 117,345 1,851,704 
Southwest Airlines Co. 399,999 18,475,954 
United Airlines Holdings, Inc. (a) 423,634 26,091,618 
  92,957,395 
Building Products - 0.5%   
A.O. Smith Corp. 41,600 1,645,280 
Allegion PLC 96,000 11,039,040 
Fortune Brands Home & Security, Inc. 56,560 3,492,580 
Johnson Controls International PLC 237,000 8,667,090 
Masco Corp. 117,136 4,840,060 
Owens Corning 149,261 8,431,754 
  38,115,804 
Commercial Services & Supplies - 0.1%   
Deluxe Corp. 166,100 5,531,130 
Construction & Engineering - 0.1%   
AECOM (a) 60,779 2,731,408 
Quanta Services, Inc. 58,702 2,238,307 
  4,969,715 
Electrical Equipment - 0.7%   
Eaton Corp. PLC 440,341 39,947,736 
Emerson Electric Co. 219,600 14,078,556 
Hubbell, Inc. Class B 22,392 2,983,510 
Sensata Technologies, Inc. PLC (a) 65,493 2,672,114 
  59,681,916 
Industrial Conglomerates - 0.2%   
Carlisle Companies, Inc. 52,719 7,659,544 
Honeywell International, Inc. 52,166 8,459,760 
  16,119,304 
Machinery - 3.4%   
AGCO Corp. 204,238 12,342,102 
Allison Transmission Holdings, Inc. 235,291 9,552,815 
Caterpillar, Inc. 416,335 51,725,460 
Crane Co. 14,683 997,710 
Cummins, Inc. 323,086 48,879,681 
Deere & Co. 169,260 26,485,805 
Dover Corp. 198,219 20,365,020 
Illinois Tool Works, Inc. 42,904 7,198,433 
ITT, Inc. 33,800 2,033,070 
Lincoln Electric Holdings, Inc. 22,000 1,801,580 
Middleby Corp. (a) 40,813 4,563,302 
Oshkosh Corp. 389,223 28,082,439 
PACCAR, Inc. 142,549 9,536,528 
Parker Hannifin Corp. 107,970 19,949,617 
Pentair PLC 64,919 2,557,159 
Snap-On, Inc. 22,594 3,270,482 
Stanley Black & Decker, Inc. 58,553 8,414,066 
Timken Co. 169,200 7,586,928 
Trinity Industries, Inc. 382,700 7,787,945 
Xylem, Inc. 124,132 9,600,369 
  282,730,511 
Professional Services - 0.1%   
Manpower, Inc. 24,300 1,845,342 
Robert Half International, Inc. 44,404 2,238,406 
  4,083,748 
Road & Rail - 0.5%   
AMERCO 8,039 2,592,658 
CSX Corp. 320,500 22,579,225 
Kansas City Southern 38,091 5,739,552 
Knight-Swift Transportation Holdings, Inc. Class A 70,320 2,246,021 
Ryder System, Inc. 3,700 140,748 
Union Pacific Corp. 36,689 5,863,269 
  39,161,473 
Trading Companies & Distributors - 0.2%   
Aircastle Ltd. 153,916 4,902,225 
HD Supply Holdings, Inc. (a) 60,900 2,315,418 
United Rentals, Inc. (a) 31,000 4,106,880 
W.W. Grainger, Inc. 22,179 6,155,560 
  17,480,083 
TOTAL INDUSTRIALS  814,436,926 
INFORMATION TECHNOLOGY - 10.0%   
Communications Equipment - 0.4%   
Cisco Systems, Inc. 676,163 26,999,189 
CommScope Holding Co., Inc. (a) 363,034 3,997,004 
Juniper Networks, Inc. 136,219 2,890,567 
  33,886,760 
Electronic Equipment & Components - 0.4%   
Arrow Electronics, Inc. (a) 202,187 13,558,660 
Corning, Inc. 193,800 4,624,068 
Jabil, Inc. 58,700 1,881,335 
Vishay Intertechnology, Inc. 507,400 9,488,380 
  29,552,443 
IT Services - 1.4%   
Cognizant Technology Solutions Corp. Class A 211,500 12,886,695 
CSG Systems International, Inc. 185,800 8,221,650 
DXC Technology Co. 162,100 3,908,231 
IBM Corp. 539,260 70,184,689 
PayPal Holdings, Inc. (a) 119,000 12,850,810 
The Western Union Co. 163,446 3,659,556 
  111,711,631 
Semiconductors & Semiconductor Equipment - 4.9%   
Analog Devices, Inc. 64,351 7,017,477 
Applied Materials, Inc. 589,980 34,289,638 
Broadcom, Inc. 164,000 44,709,680 
Cirrus Logic, Inc. (a) 90,000 6,177,600 
Intel Corp. 3,074,911 170,719,059 
KLA-Tencor Corp. 39,655 6,095,370 
Lam Research Corp. 153,882 45,153,595 
Microchip Technology, Inc. 133,000 12,064,430 
Micron Technology, Inc. (a) 667,646 35,091,474 
NXP Semiconductors NV 77,757 8,840,193 
ON Semiconductor Corp. (a) 167,244 3,120,773 
Qorvo, Inc. (a) 75,860 7,629,999 
Qualcomm, Inc. 21,464 1,680,631 
Skyworks Solutions, Inc. 175,400 17,571,572 
Texas Instruments, Inc. 68,668 7,837,766 
  407,999,257 
Software - 1.8%   
Adobe, Inc. (a) 66,000 22,777,920 
ANSYS, Inc. (a) 57,000 13,804,830 
CDK Global, Inc. 46,911 2,158,844 
Microsoft Corp. 198,843 32,214,554 
Nortonlifelock, Inc. 225,506 4,291,379 
Oracle Corp. 1,483,149 73,356,550 
  148,604,077 
Technology Hardware, Storage & Peripherals - 1.1%   
Hewlett Packard Enterprise Co. 1,893,921 24,223,250 
HP, Inc. 1,340,300 27,864,837 
NCR Corp. (a) 166,500 4,195,800 
Seagate Technology LLC 343,000 16,446,850 
Western Digital Corp. 104,634 5,813,465 
Xerox Holdings Corp. 361,423 11,637,821 
  90,182,023 
TOTAL INFORMATION TECHNOLOGY  821,936,191 
MATERIALS - 3.6%   
Chemicals - 2.0%   
AdvanSix, Inc. (a) 73,896 1,073,709 
Albemarle Corp. U.S. (b) 43,700 3,576,845 
Cabot Corp. 215,400 8,051,652 
Celanese Corp. Class A 242,839 22,763,728 
Corteva, Inc. 583,165 15,862,088 
DuPont de Nemours, Inc. 171,726 7,367,045 
Eastman Chemical Co. 399,867 24,595,819 
FMC Corp. 82,922 7,720,038 
Huntsman Corp. 718,700 13,612,178 
LyondellBasell Industries NV Class A 539,031 38,519,155 
PPG Industries, Inc. 99,420 10,384,419 
The Chemours Co. LLC 279,700 4,156,342 
The Mosaic Co. 236,476 4,027,186 
  161,710,204 
Construction Materials - 0.3%   
CRH PLC sponsored ADR 208,719 7,071,400 
Martin Marietta Materials, Inc. 84,386 19,200,347 
  26,271,747 
Containers & Packaging - 0.8%   
Avery Dennison Corp. 27,356 3,131,988 
Ball Corp. 123,728 8,717,875 
Crown Holdings, Inc. (a) 55,800 3,933,900 
Graphic Packaging Holding Co. 361,505 4,887,548 
International Paper Co. 396,735 14,663,326 
Packaging Corp. of America 101,761 9,221,582 
Sonoco Products Co. 32,556 1,569,525 
WestRock Co. 488,108 16,229,591 
  62,355,335 
Metals & Mining - 0.4%   
Barrick Gold Corp. (Canada) 804,974 15,352,829 
Freeport-McMoRan, Inc. 560,000 5,577,600 
Nucor Corp. 124,803 5,160,604 
Reliance Steel & Aluminum Co. 27,464 2,809,293 
Steel Dynamics, Inc. 88,800 2,364,744 
Yamana Gold, Inc. 533,334 2,078,105 
  33,343,175 
Paper & Forest Products - 0.1%   
Domtar Corp. 211,100 6,073,347 
Schweitzer-Mauduit International, Inc. 165,200 5,570,544 
  11,643,891 
TOTAL MATERIALS  295,324,352 
REAL ESTATE - 1.8%   
Equity Real Estate Investment Trusts (REITs) - 1.6%   
American Homes 4 Rent Class A 171,618 4,443,190 
Brixmor Property Group, Inc. 271,625 4,946,291 
EastGroup Properties, Inc. 20,037 2,519,252 
Equity Lifestyle Properties, Inc. 100,000 6,833,000 
Equity Residential (SBI) 59,416 4,462,142 
Federal Realty Investment Trust (SBI) 41,905 4,875,228 
Hospitality Properties Trust (SBI) 461,800 8,349,344 
Kimco Realty Corp. 298,412 5,177,448 
Lexington Corporate Properties Trust 666,800 6,914,716 
Mid-America Apartment Communities, Inc. 58,237 7,527,715 
Omega Healthcare Investors, Inc. 322,300 12,763,080 
Outfront Media, Inc. 202,197 5,325,869 
Park Hotels & Resorts, Inc. 332,200 6,065,972 
Piedmont Office Realty Trust, Inc. Class A 655,900 14,160,881 
Public Storage 44,766 9,361,466 
Rayonier, Inc. 183,598 4,870,855 
Sun Communities, Inc. 47,000 7,185,360 
VEREIT, Inc. 2,035,200 17,624,832 
Weyerhaeuser Co. 113,382 2,945,664 
  136,352,305 
Real Estate Management & Development - 0.2%   
CBRE Group, Inc. (a) 286,561 16,087,535 
Howard Hughes Corp. (a) 4,472 482,439 
  16,569,974 
TOTAL REAL ESTATE  152,922,279 
UTILITIES - 2.0%   
Electric Utilities - 1.5%   
American Electric Power Co., Inc. 297,434 26,548,959 
Duke Energy Corp. 55,483 5,087,791 
Edison International 203,236 13,655,427 
Entergy Corp. 39,394 4,605,553 
Evergy, Inc. 93,800 6,129,830 
Exelon Corp. 657,000 28,323,270 
FirstEnergy Corp. 176,700 7,868,451 
NextEra Energy, Inc. 44,528 11,254,897 
OGE Energy Corp. 55,536 2,115,922 
Pinnacle West Capital Corp. 43,375 3,881,629 
Xcel Energy, Inc. 193,570 12,063,282 
  121,535,011 
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Energy, Inc. 274,800 9,126,108 
The AES Corp. 256,269 4,287,380 
Vistra Energy Corp. 898,405 17,276,328 
  30,689,816 
Multi-Utilities - 0.1%   
NiSource, Inc. 24,922 673,392 
Public Service Enterprise Group, Inc. 208,428 10,694,441 
  11,367,833 
TOTAL UTILITIES  163,592,660 
TOTAL COMMON STOCKS   
(Cost $5,605,849,151)  7,180,245,004 
Equity Funds - 11.7%   
Large Blend Funds - 6.1%   
Fidelity SAI U.S. Large Cap Index Fund (c) 5,229,126 82,881,651 
Fidelity SAI U.S. Low Volatility Index Fund (c) 29,978,867 421,802,661 
TOTAL LARGE BLEND FUNDS  504,684,312 
Large Value Funds - 5.6%   
Invesco Diversified Dividend Fund Class R6 25,104,684 461,424,075 
TOTAL EQUITY FUNDS   
(Cost $754,245,180)  966,108,387 
Money Market Funds - 1.5%   
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) 25,423,052 25,425,594 
State Street Institutional U.S. Government Money Market Fund Premier Class 1.53% (f) 101,194,720 101,194,720 
TOTAL MONEY MARKET FUNDS   
(Cost $126,620,314)  126,620,314 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $6,486,714,645)  8,272,973,705 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (17,894,749) 
NET ASSETS - 100%  $8,255,078,956 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated Fund

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

 (f) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Securities Lending Cash Central Fund $652,591 
Total $652,591 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity SAI U.S. Large Cap Index Fund $169,787,209 $1,498,443,247 $1,595,260,750 $2,175,463 $6,046,906 $3,865,039 $82,881,651 
Fidelity SAI U.S. Low Volatility Index Fund 362,888,020 51,681,544 -- 16,681,544 -- 7,233,097 421,802,661 
Fidelity SAI U.S. Value Index Fund 35,586,584 -- 36,402,643 -- (2,048,135) 2,864,194 -- 
Total $568,261,813 $1,550,124,791 $1,631,663,393 $18,857,007 $3,998,771 $13,962,330 $504,684,312 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. 

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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